Feasibility Study Confirms Viability of Rare Earths Recycling Project in the US

On November 25, 2024, CoTec Holdings Corp. and Mkango Resources Ltd. released results indicating strong economic prospects for HyProMag USA, a project focusing on rare earth magnet recycling and manufacturing in the United States. The initiative also promises a domestic source of recycled rare earth magnets, boosting US industry supply chains.

The project employs the patented Hydrogen Processing of Magnet Scrap (HPMS) technology, allowing for the recovery of neodymium iron boron magnets with a reduced carbon footprint. The financial analysis reveals post-tax net present values ranging from $262 million to $503 million, depending on market variables. With a 1.7-year construction schedule, the facility aims to commence production in early 2027.

Overall, HyProMag USA is set to support various sectors, including defense and energy, while providing approximately 90 jobs across multiple US states. As the project enters its design phase, discussions continue with federal entities for potential collaboration and financial support.